For the sake of the BSA/AML risk assessment & my lack of knowlegde regarding lockboxes, does this service falls under remittance products? If not, would someone please provide the distinction between the two services?

THANKS!

Here is a description of lockbox services:
http://banking.about.com/od/businessbanking/a/lockboxes.htm

From a risk rating perspective, you may also consider wholesale versus retail lockboxes.

To differentiate between the two, here is a great article on remittance services, and AML considerations from our friends at the FDIC:

http://www.fdic.gov/regulations/examinations/supervisory/insights/siwin04/latino_mkt.html

Hopefully, the difference will be clear. Good luck!

OldTeller,

Thanks for the links!!! It definitely helped!